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Registered number: 12590255
















ALLIANCE GROUNDWORKS AND CIVILS LIMITED



ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 NOVEMBER 2023


































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ALLIANCE GROUNDWORKS AND CIVILS LIMITED

 
COMPANY INFORMATION


DIRECTORS
Luke Lloyd Evans 
Paul McCourt 




REGISTERED NUMBER
12590255



REGISTERED OFFICE
Block 3, Latchford House, Shenstone Business Park
Lynn Lane

Shenstone

Lichfield

WS14 0SB




INDEPENDENT AUDITORS
Bishop Fleming LLP
Chartered Accountants & Statutory Auditors

1-3 College Yard

Worcester

WR1 2LB




BANKERS
Barclays Bank
15 Market Square

Stafford

ST16 2BE






ALLIANCE GROUNDWORKS AND CIVILS LIMITED


CONTENTS



Page
Strategic Report
1 - 2
Directors' Report
3 - 4
Independent Auditors' Report
5 - 8
Statement of Comprehensive Income
9
Statement of Financial Position
10
Statement of Changes in Equity
11
Statement of Cash Flows
12
Analysis of Net Debt
13
Notes to the Financial Statements
14 - 25



ALLIANCE GROUNDWORKS AND CIVILS LIMITED

 
STRATEGIC REPORT
FOR THE YEAR ENDED 30 NOVEMBER 2023

INTRODUCTION
 
The Directors present their report and the financial statements for the year from 1 December 2022 to 30 November 2023.

BUSINESS REVIEW
 
The company has become well established in the housing sector since inception on 1 August 2021.

In this reporting period, Alliance Groundworks and Civils Limited has demonstrated remarkable growth and resilience within the dynamic landscape of the UK construction market by providing the highest levels of safety and expertise. Specialising in residential groundworks for prominent housing developers in the East and West Midlands, our strategic initiatives have positioned the company as a key player in the industry.
 
Through substantial investments in plant and machinery, coupled with the strategic recruitment of experienced personnel, Alliance Groundworks and Civils Limited has not only met but surpassed the expectations set for its second full trading period. Our headquarters in Lichfield serves as a hub for operational excellence, allowing us to efficiently cater to the needs of blue-chip housing developers.

The establishment and nurturing of strong relationships with both customers and the supply chain have been instrumental in our success. We pride ourselves on delivering high-quality services, reflecting our commitment to excellence and customer satisfaction. As we continue to solidify our market presence, we are well-positioned for sustained growth and success in the UK construction sector.

The success of the business is underpinned by a dynamic leadership team focusing on continued employee development and building relationships with our supply chain. 

PRINCIPAL RISKS AND UNCERTAINTIES
 
Market risks

While the construction industry inherently carries risks, Alliance Groundworks and Civils Limited has implemented robust strategies to mitigate potential challenges. Economic fluctuations and changes in government policies regarding the UK Housing Market are recognised risks, and we actively monitor and adapt to such dynamics.

In the construction domain, health, safety, and environmental considerations are paramount. To address these concerns, we consistently invest in key staff and training, ensuring that our operations not only meet industry standards but exceed them.

Liquidity risks

The company is well placed to manage financial risk by ensuring that the available liquidity meets its future cash demands.

Page 1


ALLIANCE GROUNDWORKS AND CIVILS LIMITED


STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2023

ENVIRONMENTAL, ENERGY AND CARBON REPORTING

The Company is laying the foundations for a future marked by environmental consciousness and sustainability. We are dedicated to shaping a business model that prioritizes responsible practices and minimizes our impact on the environment.

Recognizing the significance of renewable energy, we are actively exploring opportunities to integrate clean energy sources into our operations. We are beginning this through implementation of solar panels within our new premises and through a push towards hybrid and electrical vehicles.

As we embark on our sustainability journey, we are proactively planning waste reduction measures to minimize our environmental footprint. We are committed to achieving a significant reduction in construction waste as we mature as a company.

We are dedicated to building a sustainable future for both our business and the planet, and we look forward to sharing our progress as we evolve.

FINANCIAL KEY PERFORMANCE INDICATORS
 
Alliance Groundworks and Civils Limited has achieved impressive financial results, underscoring our fiscal strength and prudent management. Key performance indicators for this reporting period are presented below. These indicators not only highlight our robust financial standing but also highlight our commitment to maintaining healthy profit margins. Our strategic financial management and focus on efficiency have contributed to these results, reinforcing our position as a financially sound and sustainable player in the UK construction market. As we look ahead, our positive outlook remains unwavering, and we are poised for continued success and growth.

2023
£

Key Performance Indicators


Turnover
63,609,004

Gross Profit
13,813,323

Gross Profit Margin
22%

Profit Before Tax (PBT)
5,358,767

PBT Margin
8%


This report was approved by the board and signed on its behalf.



Mr L Evans
Director

Date: 8 March 2024

Page 2


ALLIANCE GROUNDWORKS AND CIVILS LIMITED

 
DIRECTORS' REPORT
FOR THE YEAR ENDED 30 NOVEMBER 2023

The Directors present their report and the financial statements for the year ended 30 November 2023.

DIRECTORS' RESPONSIBILITIES STATEMENT

The Directors are responsible for preparing the Strategic Report, the Directors' Report and the financial statements in accordance with applicable law and regulations.
 
Company law requires the Directors to prepare financial statements for each financial year. Under that law the Directors have elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the Directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Company and of the profit or loss of the Company for that period.

 In preparing these financial statements, the Directors are required to:


select suitable accounting policies for the Company's financial statements and then apply them consistently;

make judgements and accounting estimates that are reasonable and prudent;

state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;

prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business.

The Directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and to enable them to ensure that the financial statements comply with the Companies Act 2006They are also responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

RESULTS AND DIVIDENDS

The profit for the year, after taxation, amounted to £4,020,864 (2022: £2,605,775).

Dividends of £167,000 (2022: £85,000) were declared and paid in the period to shareholders.

DIRECTORS

The Directors who served during the year were:

Luke Lloyd Evans 
Paul McCourt 

FUTURE DEVELOPMENTS

The Directors are resolutely committed to fostering the continued growth of the Company, steering its expansion in a manner that is both controlled and sustainable. This strategic approach is underpinned by a steadfast commitment to upholding the exemplary standards for which the Company is widely recognised.

Page 3


ALLIANCE GROUNDWORKS AND CIVILS LIMITED
 
 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2023
GOING CONCERN

The Company has marked an exceptionally successful second period of trading, showcasing robust profitability and generating substantial cash flow. Beyond the historical performance, the Directors have meticulously scrutinised budgets and forecasts for the upcoming 12 months, commencing from the approval of the financial statements. Given the profits realised by the Company, coupled with prudent financial planning, there is a firm belief that the Company possesses ample resources to navigate the foreseeable future with confidence.
In light of these factors and the unwavering profitability of the Company, the Directors hold a positive and optimistic stance regarding the Company's continued viability. Consequently, the Directors affirm their unwavering commitment to the going concern basis in the meticulous preparation of the financial statements. This decision is reflective of the Company's strong financial standing and poised trajectory for sustained success.
Accordingly, the Directors continue to adopt the going concern basis in preparing the financial statements.

DISCLOSURE OF INFORMATION TO AUDITORS

Each of the persons who are Directors at the time when this Directors' Report is approved has confirmed that:
 
so far as the Director is aware, there is no relevant audit information of which the Company's auditors are unaware, and

the Director has taken all the steps that ought to have been taken as a Director in order to be aware of any relevant audit information and to establish that the Company's auditors are aware of that information.

POST BALANCE SHEET EVENTS

There have been no significant events affecting the Company since the period end.

AUDITORS

The auditorsBishop Fleming LLPwill be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

This report was approved by the board and signed on its behalf.
 






Mr L Evans
Director

Date: 8 March 2024

Block 3, Latchford House, Shenstone Business Park
Lynn Lane
Shenstone
Lichfield
WS14 0SB

Page 4


ALLIANCE GROUNDWORKS AND CIVILS LIMITED

 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF ALLIANCE GROUNDWORKS AND CIVILS LIMITED
OPINION


We have audited the financial statements of Alliance Groundworks and Civils Limited (the 'Company') for the year ended 30 November 2023, which comprise the Statement of Comprehensive Income, the Statement of Financial Position, the Statement of Cash Flows, the Statement of Changes in Equity and the related notes, including a summary of significant accounting policiesThe financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).


In our opinion the financial statements:


give a true and fair view of the state of the Company's affairs as at 30 November 2023 and of its profit for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Companies Act 2006.


BASIS FOR OPINION


We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the Company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.


CONCLUSIONS RELATING TO GOING CONCERN


In auditing the financial statements, we have concluded that the Directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.


Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.


Our responsibilities and the responsibilities of the Directors with respect to going concern are described in the relevant sections of this report.


OTHER INFORMATION


The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' Report thereon. The Directors are responsible for the other information contained within the Annual ReportOur opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.


We have nothing to report in this regard.


Page 5


ALLIANCE GROUNDWORKS AND CIVILS LIMITED
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF ALLIANCE GROUNDWORKS AND CIVILS LIMITED (CONTINUED)

OPINION ON OTHER MATTERS PRESCRIBED BY THE COMPANIES ACT 2006
 

In our opinion, based on the work undertaken in the course of the audit:


the information given in the Strategic Report and the Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the Strategic Report and the Directors' Report have been prepared in accordance with applicable legal requirements.


MATTERS ON WHICH WE ARE REQUIRED TO REPORT BY EXCEPTION
 

In the light of the knowledge and understanding of the Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Directors' Report.


We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:


adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
the financial statements are not in agreement with the accounting records and returns; or
certain disclosures of Directors' remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit.


RESPONSIBILITIES OF DIRECTORS
 

As explained more fully in the Directors' Responsibilities Statement set out on page 3, the Directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the Directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.


In preparing the financial statements, the Directors are responsible for assessing the Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Directors either intend to liquidate the Company or to cease operations, or have no realistic alternative but to do so.


Page 6


ALLIANCE GROUNDWORKS AND CIVILS LIMITED
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF ALLIANCE GROUNDWORKS AND CIVILS LIMITED (CONTINUED)

AUDITORS' RESPONSIBILITIES FOR THE AUDIT OF THE FINANCIAL STATEMENTS
 

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditors' Report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.


Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

We have considered the nature of the industry and sector, control environment and business performance;
We have considered the results of our enquiries of management and the board about their own identification and assessment of the risks of irregularities within the entity
We have considered any matters we identified having obtained and reviewed the company’s documentation of their policies and procedures relating to:
°identifying, evaluating and complying with laws and regulations and whether they were aware of any instances of non-compliance;
°detecting and responding to the risks of fraud and whether they have knowledge of any actual, suspected or alleged fraud;
°the internal controls established to mitigate risks of fraud or non-compliance with laws and regulations; and
We have considered the matters discussed among the audit engagement team regarding how and where
fraud might occur in the financial statements and any potential indicators of fraud.

As a result of these procedures, we considered the opportunities and incentives that may exist within the organisation for fraud, which included incorrect recognition of revenue and management override of controls using manual journal entries, and these were identified as the greatest potential area for fraud. In common with all audits under ISAs (UK), we are also required to perform specific procedures to respond to the risk of management override.
We also obtained an understanding of the legal and regulatory frameworks that the company operates in, focusing on provisions of those laws and regulations that had a direct effect on the determination of material amounts and disclosures in the financial statements. The key laws and regulations we considered in this context included the UK Companies Act, FRS 102 and tax legislation. In addition, we considered provisions of other laws and regulations that do not have a direct effect on the financial statements but compliance with which may be fundamental to the company’s ability to operate or to avoid a material penalty. These included occupational health and safety regulations, and employment legislation.
Our procedures to respond to risks identified included the following:
reviewing the financial statement disclosures and testing to supporting documentation to assess compliance with provisions of relevant laws and regulations described as having a direct effect on the financial statements; 
reviewing the financial statement disclosures and testing to supporting documentation to assess the recognition of revenue; enquiring of management and those charged with governance concerning actual and potential litigation and claims;
performing analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatement due to fraud;
in addressing the risk of fraud through management override of controls, testing the appropriateness of journal entries and other adjustments; and
assessing whether the judgements made in making accounting estimates are indicative of a potential bias

 
Page 7


ALLIANCE GROUNDWORKS AND CIVILS LIMITED
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF ALLIANCE GROUNDWORKS AND CIVILS LIMITED (CONTINUED)

We also communicated relevant identified laws and regulations and potential fraud risks to all engagement team
members and remained alert to any indications of fraud or non-compliance with laws and regulations throughout
the audit.
Our audit procedures were designed to respond to risks of material misstatement in the financial statements, recognising that the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from an error, as fraud may involve deliberate concealment by, for example, forgery, misrepresentations or through collusion. There are inherent limitations in the audit procedures performed and the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it.


A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors' Report.


USE OF OUR REPORT
 

This report is made solely to the Company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006Our audit work has been undertaken so that we might state to the Company's members those matters we are required to state to them in an Auditors' Report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company's members, as a body, for our audit work, for this report, or for the opinions we have formed.






Andrew Wood FCCA (Senior Statutory Auditor)
for and on behalf of
Bishop Fleming LLP
Chartered Accountants
Statutory Auditors
1-3 College Yard
Worcester
WR1 2LB

8 March 2024
Page 8


ALLIANCE GROUNDWORKS AND CIVILS LIMITED

 
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 NOVEMBER 2023

Year ended
30 November
18 months ended
30 November
2023
2022
Note
£
£

  

Turnover
 4 
63,609,004
29,327,737

Cost of sales
  
(49,795,681)
(22,771,406)

GROSS PROFIT
  
13,813,323
6,556,331

Administrative expenses
  
(8,072,620)
(3,615,748)

OPERATING PROFIT
 5 
5,740,703
2,940,583

Interest receivable and similar income
  
2,636
802

Interest payable and similar expenses
 9 
(384,572)
(97,115)

PROFIT BEFORE TAX
  
5,358,767
2,844,270

Tax on profit
 10 
(1,337,903)
(238,495)

PROFIT FOR THE FINANCIAL YEAR
  
4,020,864
2,605,775

There was no other comprehensive income for 2023 (2022:£NIL).

The notes on pages 14 to 25 form part of these financial statements.

Page 9


ALLIANCE GROUNDWORKS AND CIVILS LIMITED
REGISTERED NUMBER:12590255

STATEMENT OF FINANCIAL POSITION
AS AT 30 NOVEMBER 2023

2023
2022
Note
£
£

FIXED ASSETS
  

Tangible assets
 12 
12,454,851
5,966,476

  
12,454,851
5,966,476

CURRENT ASSETS
  

Debtors: amounts falling due after more than one year
 13 
1,799,328
-

Debtors: amounts falling due within one year
 13 
8,866,458
4,852,979

Cash at bank and in hand
 14 
1,805,032
1,833,371

  
12,470,818
6,686,350

Creditors: amounts falling due within one year
 15 
(11,760,990)
(6,690,978)

NET CURRENT ASSETS/(LIABILITIES)
  
 
 
709,828
 
 
(4,628)

TOTAL ASSETS LESS CURRENT LIABILITIES
  
13,164,679
5,961,848

Creditors: amounts falling due after more than one year
 16 
(5,213,542)
(3,202,478)

PROVISIONS FOR LIABILITIES
  

Deferred tax
 18 
(1,576,398)
(238,495)

NET ASSETS
  
6,374,739
2,520,875


CAPITAL AND RESERVES
  

Called up share capital 
 19 
100
100

Profit and loss account
 20 
6,374,639
2,520,775

  
6,374,739
2,520,875


The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 





Mr L Evans
Director

Date: 8 March 2024

The notes on pages 14 to 25 form part of these financial statements.

Page 10


ALLIANCE GROUNDWORKS AND CIVILS LIMITED


STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 NOVEMBER 2023


Called up share capital
Profit and loss account
Total equity

£
£
£


At 1 June 2021
100
-
100


COMPREHENSIVE INCOME FOR THE PERIOD

Profit for the period
-
2,605,775
2,605,775
TOTAL COMPREHENSIVE INCOME FOR THE PERIOD
-
2,605,775
2,605,775


CONTRIBUTIONS BY AND DISTRIBUTIONS TO OWNERS

Dividends: Equity capital
-
(85,000)
(85,000)


TOTAL TRANSACTIONS WITH OWNERS
-
(85,000)
(85,000)



At 1 December 2022
100
2,520,775
2,520,875


COMPREHENSIVE INCOME FOR THE YEAR

Profit for the year
-
4,020,864
4,020,864
TOTAL COMPREHENSIVE INCOME FOR THE YEAR
-
4,020,864
4,020,864


CONTRIBUTIONS BY AND DISTRIBUTIONS TO OWNERS

Dividends: Equity capital
-
(167,000)
(167,000)


TOTAL TRANSACTIONS WITH OWNERS
-
(167,000)
(167,000)


AT 30 NOVEMBER 2023
100
6,374,639
6,374,739


The notes on pages 14 to 25 form part of these financial statements.

Page 11


ALLIANCE GROUNDWORKS AND CIVILS LIMITED


STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 30 NOVEMBER 2023

2023
2022
£
£

CASH FLOWS FROM OPERATING ACTIVITIES

Profit after tax
4,020,864
2,605,775

ADJUSTMENTS FOR:

Depreciation of tangible assets
1,742,102
588,940

(Profit)/loss on disposal of tangible assets
(1,810)
1,274

Interest paid
384,572
97,115

Interest received
(2,636)
(802)

Taxation charge
1,337,903
238,495

(Increase) in debtors
(5,812,807)
(3,465,345)

Increase in creditors
1,298,488
3,608,011

Increase in provisions
1,337,903
238,495

NET CASH GENERATED FROM OPERATING ACTIVITIES

4,304,579
3,911,958


CASH FLOWS FROM INVESTING ACTIVITIES

Purchase of tangible fixed assets
(8,286,446)
(6,577,790)

Sale of tangible fixed assets
57,779
21,100

Interest received
2,636
802

HP interest paid
(384,572)
(97,115)

NET CASH FROM INVESTING ACTIVITIES

(8,610,603)
(6,653,003)

CASH FLOWS FROM FINANCING ACTIVITIES

New HP agreements
7,753,548
5,412,983

Repayment of HP agreements
(3,308,863)
(753,667)

Dividends paid
(167,000)
(85,000)

NET CASH USED IN FINANCING ACTIVITIES
4,277,685
4,574,316

(DECREASE)/INCREASE IN CASH AND CASH EQUIVALENTS
(28,339)
1,833,271

Cash and cash equivalents at beginning of year
1,833,371
100

CASH AND CASH EQUIVALENTS AT THE END OF YEAR
1,805,032
1,833,371


CASH AND CASH EQUIVALENTS AT THE END OF YEAR COMPRISE:

Cash at bank and in hand
1,805,032
1,833,371

1,805,032
1,833,371


The notes on pages 14 to 25 form part of these financial statements.

Page 12


ALLIANCE GROUNDWORKS AND CIVILS LIMITED


ANALYSIS OF NET DEBT
FOR THE YEAR ENDED 30 NOVEMBER 2023





At 1 December 2022
Cash flows
New finance leases
At 30 November 2023
£

£

£

£

Cash at bank and in hand

1,833,371

(28,339)

-

1,805,032

Debt due within 1 year

(16,000)

-

-

(16,000)

Finance leases

(4,659,316)

-

(4,444,685)

(9,104,001)



(2,841,945)
(28,339)
(4,444,685)
(7,314,969)

The notes on pages 14 to 25 form part of these financial statements.

Page 13


ALLIANCE GROUNDWORKS AND CIVILS LIMITED

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023

1.


GENERAL INFORMATION

Alliance Groundworks and Civils Limited is a private company limited by shares incorporated in the UK and registered in England and Wales. The registered office and principal place of business is Block 3, Latchford House, Shenstone Business Park, Lynn Lane, Shenstone, Lichfield, WS14 0SB.
The principal activity of the Company is groundworks and civil engineering. The prior year accounting period was for 18 months from 1 June 2021 to 30 November 2022.

2.ACCOUNTING POLICIES

 
2.1

BASIS OF PREPARATION OF FINANCIAL STATEMENTS

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The following principal accounting policies have been applied:

 
2.2

GOING CONCERN

The Company has marked an exceptionally successful second period of trading, showcasing robust profitability and generating substantial cash flow. Beyond the historical performance, the Directors have meticulously scrutinised budgets and forecasts for the upcoming 12 months, commencing from the approval of the financial statements. Given the profits realised by the Company, coupled with prudent financial planning, there is a firm belief that the Company possesses ample resources to navigate the foreseeable future with confidence.

As at the 30 November 2023 the balance sheet shows a net current asset position of £709,828 which includes debtors due after more than one year of £1,799,328. The directors have produced cashflow forecasts and are confident they have sufficient cashflow to meet their liabilities as they falls due.
In light of these factors and the unwavering profitability of the Company, the Directors hold a positive and optimistic stance regarding the Company's continued viability. Consequently, the Directors affirm their unwavering commitment to the going concern basis in the meticulous preparation of the financial statements. This decision is reflective of the Company's strong financial standing and poised trajectory for sustained success.

 
2.3

REVENUE

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Long-term contracts
Profit on long-term contracts is taken as the work is carried out if the final outcome can be assessed with reasonable certainty. The profit included is calculated on a consistent basis to reflect the proportion of the work carried out at the period end, by recording turnover and related costs as contract activity progresses. Turnover is calculated based on the stage of completion of each contract which is derived from surveys of work performed. Revenues derived from variations on contracts are recognised only when they have been accepted by the customer. Full provision is made for losses on all contracts in the period in which they are first foreseen.

Page 14


ALLIANCE GROUNDWORKS AND CIVILS LIMITED

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023

2.ACCOUNTING POLICIES (continued)

 
2.4

OPERATING LEASES: THE COMPANY AS LESSEE

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

 
2.5

INTEREST INCOME

Interest income is recognised in profit or loss using the effective interest method.

 
2.6

FINANCE COSTS

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.7

PENSIONS

DEFINED CONTRIBUTION PENSION PLAN

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of Financial Position. The assets of the plan are held separately from the Company in independently administered funds.

 
2.8

CURRENT AND DEFERRED TAXATION

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the reporting date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

Page 15


ALLIANCE GROUNDWORKS AND CIVILS LIMITED

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023

2.ACCOUNTING POLICIES (continued)

 
2.9

TANGIBLE FIXED ASSETS

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

The estimated useful lives range as follows:

Plant and machinery
-
3 - 6 years
Motor vehicles
-
4 years
Office equipment
-
3 years
Computer equipment
-
3 years

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.10

DEBTORS

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.11

CASH AND CASH EQUIVALENTS

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.12

CREDITORS

Short-term creditors are measured at the transaction price. Other financial liabilities are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method

 
2.13

PROVISIONS FOR LIABILITIES

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.

Page 16


ALLIANCE GROUNDWORKS AND CIVILS LIMITED

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023

2.ACCOUNTING POLICIES (continued)

 
2.14

FINANCIAL INSTRUMENTS

The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.
Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Statement of Comprehensive Income.
For financial assets measured at amortised cost, the impairment loss is measured as the difference between an asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If a financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract.
Financial assets and liabilities are offset and the net amount reported in the Statement of Financial Position when there is an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

 
2.15

DIVIDENDS

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.


3.



JUDGEMENTS IN APPLYING ACCOUNTING POLICIES AND KEY SOURCES OF ESTIMATION UNCERTAINTY

In the application of the Company's accounting policies, which are described in Note 2, the Directors are required to make judgements, estimates and assumptions about the carrying amounts of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period of the revision and future periods if the revision affects both current and future periods.
The following are the critical judgments and key sources of estimation uncertainty that the Directors have made in the process of applying the Company's accounting policies and that have the most significant effect on the amounts recognised in the financial statements.
Revenue recognition
When the outcome of a construction contract can be estimated reliably and it is probable that the contract will be profitable, contract revenue and costs are recognised over the period of the contract by reference to the stage of completion of each contract which is derived from surveys of work performed. When it is probable that the total contract costs will exceed total contract revenue, the expected loss is recognised as an expense immediately.
In determining the stage of completion, the Company has appropriate systems for surveying, cost estimating, forecasting, and revenue and costs reporting. The system also requires consistent judgement (forecasting) of the final outcome of the contract. Estimates are an inherent part of this assessment and the actual future outcome may deviate from the estimated outcome.

Page 17


ALLIANCE GROUNDWORKS AND CIVILS LIMITED

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023

4.


TURNOVER

The whole of the turnover is attributable to the principal activity described in Note 1.

All turnover arose within the United Kingdom.


5.


OPERATING PROFIT

The operating profit is stated after charging:

Year ended
30 November
18 months ended
30 November
2023
2022
£
£

Pension costs
25,830
6,251

Depreciation of tangible fixed assets
1,742,102
588,940

Other operating lease rentals
79,502
68,319


6.


AUDITORS' REMUNERATION

During the year, the Company obtained the following services from the Company's auditors and their associates:


Year ended
30 November
18 months ended
30 November
2023
2022
£
£

Fees payable to the Company's auditors for the audit of the Company's financial statements
29,750
13,000

Fees payable to the Company's auditors in respect of taxation compliance services
1,950
1,000
Page 18


ALLIANCE GROUNDWORKS AND CIVILS LIMITED

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023

7.


EMPLOYEES

Staff costs, including Directors' remuneration, were as follows:


Year ended
30 November
18 months ended
30 November
2023
2022
£
£

Wages and salaries
3,031,411
1,709,856

Social security costs
311,647
110,774

Cost of defined contribution scheme
25,830
6,251

3,368,888
1,826,881


The average monthly number of employees, including directors, during the year was 33 (2022: 11).


8.


DIRECTORS' REMUNERATION

Year ended
30 November
18 months ended
30 November
2023
2022
£
£

Directors' emoluments
276,202
184,410


The highest paid Director received remuneration of £202,380 (2022: £93,333).

The value of the Company's contributions paid to a defined contribution pension scheme in respect of the highest paid Director amounted to £NIL (2022: £NIL).

The total accrued pension provision of the highest paid Director at 30 November 2023 amounted to £NIL (2022: £NIL).


9.


INTEREST PAYABLE AND SIMILAR EXPENSES

Year ended
30 November
18 months ended
30 November
2023
2022
£
£


Other loan interest payable
12,399
6,185

Finance leases and hire purchase contracts
372,173
90,930

384,572
97,115

Page 19


ALLIANCE GROUNDWORKS AND CIVILS LIMITED

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023

10.


TAXATION


Year ended
30 November
18 months ended
30 November
2023
2022
£
£



DEFERRED TAX


Origination and reversal of timing differences
1,337,903
238,495

TOTAL DEFERRED TAX
1,337,903
238,495


TAXATION ON PROFIT ON ORDINARY ACTIVITIES
1,337,903
238,495

FACTORS AFFECTING TAX CHARGE FOR THE YEAR/PERIOD

The tax assessed for the year/period is higher than (2022: lower than) the effective rate of corporation tax in the UK of 23% (2022: 19%). The differences are explained below:

Year ended
30 November
18 months ended
30 November
2023
2022
£
£


Profit on ordinary activities before tax
5,358,767
2,844,270


Profit on ordinary activities multiplied by effective rate of corporation tax in the UK of 23% (2022: 19%)
1,233,104
540,430

EFFECTS OF:


Capital allowances for year/period in excess of depreciation
(39,875)
(1,244,906)

Non-taxable income less expenses not deductible for tax purposes, other than goodwill and impairment
38,251
12,668

Unrelieved tax losses carried forward
-
930,303

Other differences leading to an increase (decrease) in the tax charge
106,423
-

TOTAL TAX CHARGE FOR THE YEAR/PERIOD
1,337,903
238,495


11.


DIVIDENDS

2023
2022
£
£


Dividends paid
167,000
85,000

167,000
85,000

Page 20


ALLIANCE GROUNDWORKS AND CIVILS LIMITED

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023

12.


TANGIBLE FIXED ASSETS





Plant and machinery
Motor vehicles
Office equipment
Computer equipment
Total

£
£
£
£
£



Cost or valuation


At 1 December 2022
4,181,646
2,303,216
596
63,855
6,549,313


Additions
6,630,547
1,655,899
-
-
8,286,446


Disposals
(27,149)
(46,027)
-
-
(73,176)



At 30 November 2023

10,785,044
3,913,088
596
63,855
14,762,583



Depreciation


At 1 December 2022
262,542
301,766
265
18,264
582,837


Charge for the year on owned assets
166,386
36,865
199
21,285
224,735


Charge for the year on financed assets
780,599
736,768
-
-
1,517,367


Disposals
(2,850)
(14,357)
-
-
(17,207)



At 30 November 2023

1,206,677
1,061,042
464
39,549
2,307,732



Net book value



At 30 November 2023
9,578,367
2,852,046
132
24,306
12,454,851



At 30 November 2022
3,919,104
2,001,450
331
45,591
5,966,476

Page 21


ALLIANCE GROUNDWORKS AND CIVILS LIMITED

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023

           12.TANGIBLE FIXED ASSETS (CONTINUED)

The net book value of assets held under finance leases or hire purchase contracts, included above, are as follows:


2023
2022
£
£



Plant and machinery
8,747,502
3,434,203

Motor vehicles
2,732,955
1,923,629

11,480,457
5,357,832


13.


DEBTORS

2023
2022
£
£

DUE AFTER MORE THAN ONE YEAR

Amounts recoverable on long-term contracts
1,799,328
-

1,799,328
-


2023
2022
£
£

DUE WITHIN ONE YEAR

Trade debtors
-
2,755

Other debtors
1,195,794
834,501

Prepayments and accrued income
410,728
421,467

Amounts recoverable on long-term contracts
7,259,936
3,594,256

8,866,458
4,852,979



14.


CASH AND CASH EQUIVALENTS

2023
2022
£
£

Cash at bank and in hand
1,805,032
1,833,371


Page 22


ALLIANCE GROUNDWORKS AND CIVILS LIMITED

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023

15.


CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2023
2022
£
£

Trade creditors
4,530,431
2,984,885

Other taxation and social security
179,297
73,332

Obligations under finance lease and hire purchase contracts
3,890,459
1,456,838

Other creditors
268,296
198,097

Accruals and deferred income
852,503
590,191

Excess payments on account
2,040,004
1,387,635

11,760,990
6,690,978


Obligations under finance lease and hire purchase contracts are secured against the assets to which they relate.


16.


CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2023
2022
£
£

Net obligations under finance leases and hire purchase contracts
5,213,542
3,202,478

5,213,542
3,202,478


Obligations under finance lease and hire purchase contracts are secured against the assets to which they relate.


17.


HIRE PURCHASE AND FINANCE LEASES


Minimum lease payments under hire purchase fall due as follows:

2023
2022
£
£


Within one year
3,890,459
1,456,838

Between 1-5 years
5,213,542
3,202,478

9,104,001
4,659,316

Page 23


ALLIANCE GROUNDWORKS AND CIVILS LIMITED

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023

18.


DEFERRED TAXATION




2023


£






At beginning of year
(238,495)


Charged to profit or loss
(1,337,903)



AT END OF YEAR
(1,576,398)

The provision for deferred taxation is made up as follows:

2023
2022
£
£


Accelerated capital allowances
(1,964,338)
(1,462,569)

Tax losses carried forward
384,105
1,223,882

Short term timing differences
3,835
192

(1,576,398)
(238,495)


19.


SHARE CAPITAL

2023
2022
£
£
ALLOTTED, CALLED UP AND FULLY PAID



100 (2022: 100) Ordinary shares shares of £1.00 each
100
100



20.


RESERVES

Profit and loss account

This reserve includes all current and prior period retained profits and losses.


21.


PENSION COMMITMENTS

The Company operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charges represents contributions payable by the Company to the fund and amounted to £25,830 (2022: £6,251). Contributions totalling £15,340 (2022: £1,965) were payable to the fund at the reporting date and are included in creditors.

Page 24


ALLIANCE GROUNDWORKS AND CIVILS LIMITED

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023

22.


COMMITMENTS UNDER OPERATING LEASES

At 30 November 2023 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

2023
2022
£
£


Not later than 1 year
35,000
60,000

Later than 1 year and not later than 5 years
-
35,000

35,000
95,000


23.


RELATED PARTY TRANSACTIONS

During the year, the Company received an advance from a director of £Nil (2022: £16,000). At the balance sheet date, the Company owed the Director £16,000 (2022: £16,000).
During the year, transactions occurred with a related company by virtue of a common directorship. The Company mades purchases totalling £Nil (2022: £113,651).


24.


CONTROLLING PARTY

There is no ultimate controlling party.

 
Page 25